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May,2021

10:00 AM - 4:00 PM | CPD HOURS - 6

24

Excerpt from ICAP CFO Conference 2021

PrefaceThis paper is an extract from the ICAP CFO Conference ‘CFO in the World 2.0 – 360° Perspective’ held virtually on May 24, 2021. The paper is reviewed by Chairman, Professional Accountants in Business (PAIB) Committee, ICAP; Mr. Khalilullah Shaikh, FCA and Member PAIB Committee, Mr. Usama Rashid.

The world has undergone the biggest transformations of history in the shortest time, transforming it in every possible dimension. The colossal change demands �nance and business leaders to deliberate where the world stands today, where it is headed and what it demands from them to come out of the great reset as a winner.

Finance leaders are on the frontline steering their companies in the right direction with new approaches and agile working systems. Faced with swift changes in business and economic outlook, �nance leaders need to strategize for turnaround to tackle short-term business pressures while maintaining a long-term view. It falls upon the �nance leader to make challenging decisions for company’s survival and most importantly, to be transparent about the health of the company to build trust and con�dence among all business stakeholders.

The Conference included discussion and dialogue on key global trends and insights, anticipating and preparing for the uncertain future, the economic reset and its far-reaching implications, the growing start-up industry in Pakistan, technological acceleration and more.

Disclaimer: Although due diligence has been exercised in compiling information, the Institute does not accept any responsibility for any loss to any person arising out of acting on the information contained in this paper. The views and opinions expressed in this paper are those of the speakers and not of the Institute of Chartered Accountants of Pakistan.

Contents

Global Dimension

– Trends and CFO Insights

– Anticipation & Preparation for the Next Uncertainty

Economic Dimension

– The Future of Developing Countries

– The Economic Reboot

Technological Dimension

– Role of Digitalization in Creating Ten Million

– Digital Transformation

Entrepreneurial Dimension

– Nurturing and Sustaining the Start-up Industry

07

10

13

17

22

23

25

Message from the President

Message from Chairman PAIB Committee

04

05

Page# 04

Message fromthe PresidentThe Institute of Chartered Accountants of Pakistan, formed in 1961, is the regulatory body for the profession of Chartered Accountancy in Pakistan.

The role of a CFO is integral in an organization as it creates value for everyone. CFO is not a title but a mindset that needs continuous enrichment and enhancement to drive the organization in the right direction. CFOs need to be knowledgeable about business trends, global economy, technological advancements and increasing entrepreneurial environment to enhance the value of the organization and other stakeholders.

ICAP is cognizant of the global business and �nance changes which is why it is making signi�cant amendments in the existing products and services and introducing initiatives in the education of students, professional development of members and contributing knowledge and value to the economy.

Recently, the syllabus is amended to introduce technology driven topics so that the students become better �nance and business leaders equipped with updated skills and knowledge. Moreover, this year, the Institute conducted online examinations which was a necessary step considering the changed world.

ICAP is equally investing time and e�ort in Quality Assurance Board and AML Board as well. For the �rst time ICAP has presented a model budget to the �nance minister and aims to regularly make signi�cant contributions to help Pakistan economy grow.

Iftikhar Taj, FCAPresident ICAP

Page# 05

Message fromChairman PAIBCommitteeToday marks a milestone achieved by the PAIBC as we enter into the world of virtual platform to give a unique experience to all participants! This milestone has certainly come at the right time as the �agship event of the Institute is entering a new decade raising the bar of the Institute’s deliverables.

PAIB Committee initiatives

Following are some of the current and upcoming programs for the �nance fraternity,

Current projects

National Finance Olympiad – A �nance competition being organized since 2015, wherein teams go through three rigorous and interesting rounds testing their strategic thinking and leadership skills.

Mentorship Program – A program that connects ICAP Members and A�liates with experienced industry leaders from across the globe for guidance in professional and personal development. Around 170 mentees has bene�tted so far.

Industry Speci�c Guidelines – Brief publications including overview and basic functions of various industries in Pakistan such as textiles, power, pharmaceutical, etc.

Ethics Dilemma App – A mobile application that includes corporate ethical dilemmas and instant statistics on views of our members in particular situations.

CA Toastmasters Clubs – A platform for improving public speaking and leadership skills of chartered accountants and �nance professionals. Clubs are operating e�ectively in various cities of Pakistan.

Professional Excellence Awards – An awards ceremony to recognize chartered accountants.

Webinar Series – Total 12 webinars were conducted and papers published on various industries under the leadership of Mr. Khalid Rahman, Council Member, ICAP.

Upcoming projects

Finance Transformation Series – A 5-day 360-degree training program for �nance professionals.

Finance and Accounting Exhibition – A platform for buyers and sellers of �nance related products and services to connect.

Career Driver – An online tool through which ICAP Members can bridge the gap between their current skillset and desired skillset for a particular �nance/accounting role.

Khalilullah Shaikh, FCAChairman PAIBC &

Council Member ICAP

CAPAKISTAN

Global Dimension – Trends and CFO Insights

Driving pillars of global trends

1. Energy transition in the world a. Transition from carbon emissions reduction to renewable energy – The carbon reduction targets set in previous treaties and agreements are very clear. This will work when the energy generation from non-renewable resources across the globe will signi�cantly be replaced by renewable energy – wind, solar, water and other energy carriers such as hydrogen.

b. Transition from central generation to decentral generation

c. Transition from a load-centric to a source-centric transmission network structure

2.

3.

Demand growth for electricity Currently, more than 850 million people are without sustainable electricity. A demand growth for industries and civil consumption of more than 25% percent until 2040 in expected which means that approximately 60 Gigawatt per year needs to be added into the grid from production perspective.

Digitalization Digitalization plays a vital role when it comes to intelligence, surveillance, monitoring and controlling as well as arti�cial intelligence, predictable algorithms to respective measures and service activities. Digitalization also includes smart products and the necessity to focus on edge computing.

Page# 07

CAPAKISTAN

Page# 08

Changing business and �nance trends

Changes in business models

Increase in private property investments in the network

Changes in regulatory frameworks

More private companies entering the market

Communication of market participants changing fromtech driven to business model driven decisions

Energy trading is becoming more relevant

Impact on workforce from a commercial and�nance perspective

Figure 1 - Changing business and �nance trends

CAPAKISTAN

Page# 09

Staying ahead with the changing business and �nance trends

1. Understand how financing structures will impact the business model to constantly create value for the companies and customers.

2. A broader knowledge base to understand customer and the mechanics which drive the business and how it works with the regulator, governmental authorities and surrounding ecosystem.

3. Be cognizant of the changes happening today and in future such as increased trust in employees, increased work flexibility and organize business, way of working and talent acquisition differently.

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Page# 10

To anticipate the next uncertainty as �nance professionals and as a society, we need to see disruptive events as the e�ects of interconnected and dynamic events. The climate crisis and digitalization are accelerating at speed; the e�ects of each trend will in�uence each other and in turn shape and reshape our lives.

The e�ects of technological advances,

1. Technology

In a recent McKinsey survey, many corporate executives reported that their companies have responded to the pandemic by moving 20-25 times faster on digitalization. This shows the necessity for the pace of change.

• With greater use of automated digital tools, data analytics, arti�cial intelligence, and remote observation tools, audit will become more e�cient and less expensive. However, as these tools become more sophisticated and widespread, we will need to weigh di�cult questions about whether entrusting certain processes machines will interfere with our ability to apply professional judgment.

• Block chain has the ability to reliably trace transactions and determine ownership rights and obligations. This technology is used to improve data privacy controls and supply chain management.

• Decentralization of access to technology.

2. Retooling and reskilling the accountancy profession

The accountant of the future will need to perform new roles often with advisory responsibilities rather than exclusively technical ones.

The accountancy profession will become more multidisciplinary as the expertise of the non-traditional contributors becomes essential. There is a greater role for a professional accountant as trusted advisors with wider skillset and most importantly the integrity and professional ethics.

Professional accountancy organizations are key to transformation as they are central to reskilling professional accountants at all stages of their career. The students and aspiring accountants need a curriculum of education and training that re�ect the emerging digital transformation as well as growing importance of non�nancial information in reporting and assurance services.

Global Dimension – Anticipation & Preparation for the Next Uncertainty

CAPAKISTAN

Page# 11

3. Reorienting society towards sustainability and fairness

The future �nance professional must be focused on reorientation of society towards sustainability and fairness.

Startups, micro-enterprises

and SMEs are the backbone of global economy, they are

responsible for 80-90% of job creation around the world and drive

innovation.

This year’s innovation of 30 under 30 in Asia include 30 young Pakistanis who have done ground breaking work in

e-commerce and social entrepreneurship geared towards

small business and raised millions of dollars in

startup funds.

Infrastructure investment is a means to

greater and more sustainable economic growth such as

reliable electrical grids and widespread internet connection networks are important for the

success of digitalization. Managing public investments

and using them for a more equitable and inclusive

recovery.Rethinking

and reshaping the relationship between

humanity and the natural environment. Over 5 million

people die every year from the e�ects of air pollution. Last year’s heavy monsoon was a tragedy for

millions of people in Pakistan and it is a sign of a climate crisis that is

only beginning and has no regard whether the world is

already in deepcrisis.

“Professional accountants muststep into sustainable roles in the developing digital economy.”

Alan JohnsonPresident, IFAC

CAPAKISTAN

Page# 13

How developing countries cope with covid

Pakistan’s response to the pandemic A success story

Publichealth

dimensions

Socialsafety

net

Fiscalpolicy

Monetarypolicy

Covid is an external shock, while some countries are coping with the crisis in a better way, others are �nding the situation more challenging. Before crisis, the emerging markets that had better macroeconomic fundamentals, in particular, external and �scal balances were bigger such as South Africa and Brazil, faced volatility in terms of exchange rate, �nancial stability indicators etc. In contrast, the developing countries that had stronger macroeconomic fundamental before the crisis responded to the pandemic in a better way.

When the pandemic started, Pakistan had improved its current account de�cit. On the other hand, after 5 years Pakistan’s primary �scal account de�cit had a turnaround and there was a surplus in the �rst 9 months of the �scal year including a signi�cant increase in tax revenues.

Market con�dence increased in terms of capability of Pakistan’s economy to respond to and survive the pandemic in a better way.

National Command Operation

Center’s successful

smart lockdown

strategy and swift

decisions

Ehsaas Cash

Program to

minimize impact on

poverty

Accelerated tax refunds of companies to

resolve liquidity issues

Increase in commodity

�nancing

Strong control over de�cit and public

debt

Stimulus package

Policy rates were

signi�cantly decreased

by State Bank of Pakistan

Economic Dimension –The Future of Developing CountriesThe economic future of developing countries lies with them. History reveals that economies that were not strong decades ago are now turned into powerful economies.

Pakistan has faced multiple challenges in the past due to which the country has taken assistance from International Monetary Fund. However, considering the experiences of other countries in the world, the future of Pakistan is not constrained due to the di�culties of the past.

“Pakistan is one of the only developing countries that undertook �scal consolidation in 2020, despite Covid; and as a result, recorded one of the smallest increases in public debt.”

Dr. Reza BaqirGovernor, State Bank of Pakistan

CAPAKISTAN

Page# 14

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Figure 4 - Source: IMF; World Economic Outlook Database, April 2021; The World Bank; * excluding Venezuela

Changes in Policy Rates of Major EM Central Banks

Figure 5 - Basis point reduction in policy interest rates since 1st February 2020

CAPAKISTAN

Page# 15

Pakistan is one of the only developing countries that undertook �scal consolidation in 2020, despite Covid; and as a result, recorded one of the smallest increases in public debt.

Figure 6 - Pakistan's Economic Outlook

Macroeconomic stability

(Short term)Pakistan has successfully

demonstrated stabilization which is a necessary but not su�cient condition

for growth. Structural

reforms(Long term)

Structural changes are needed in ease of doing

business, taxation regime, licensing environment,

competition etc.

Sustainable exports

Increase in investment

Pakistan's Economic Outlook

CAPAKISTAN

Figure 6 - Pakistan's economic outlookPage# 16

Future of Pakistan

Steps for Pakistan’s steady and consistent increase in GDP,

Structural reforms for improving growth trajectory through focus in investment and diversi�cation in export base. Con�dence in having a

bright future irrespective of the challenges of the past.

Fiscal and monetary managers have controlled stabilization challenges; increase in gross reserves from 7 billion in June 2019 to 16 billion currently as well as increase in net international reserves.

CAPAKISTAN

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Page# 17

Economic Dimension – The Economic Reboot

Pakistan Debt Dynamics!

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Pakistan - Current Account De�cits as % of GDP

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CAPAKISTAN

Page# 18

External Debt as %age of GDP

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CAPAKISTAN

Page# 20

IT industry trends and challenges,

• Remote working resulting in decrease in operational costs and increase in productivity

• Increase in acceptability of online meetings has resulted in less international travelling and visa challenges

• Forecasting and budgeting challenges due to rupee fluctuation

• Government policies regarding taxation in the IT industry are inconsistent and vague

The need for strong balance sheet and reserves which will enhance the ability to withstand volatility in the market

Understand the key issues of Pakistan’s economy to help create interventions and resolve them

Rethink the trends of the pre-covid world and realize that some of those trends are becoming imperatives

Engaging millennials who want to work for companies that are purpose driven, empathetic, focused on stakeholder’s interest, keen about impact of businesses on environment

Greater focus on Environmental, Social, and Governance (ESG) Objectives

Private sector’s role in supporting the government and economy

CAPAKISTAN

Page# 21

“Due to remote working 30% productivity increased in Netsol Technologies.”

Salim GhauriFounder & CEO, Netsol Technologies

CAPAKISTAN

Page# 22

Technological Dimension –Role of Digitalization in Creating Ten Million JobsDigitalization will improve transparency, e�ciency and decision making.

Formulate a policy through which multinational companies can register in Pakistan and begin operations virtually.

Create opportunities for freelancers such as engaging them to develop products related to database and application security. This will result in employment opportunities and contribute in exports as well.

Collaborations with international startups

International e-commerce platforms entering Pakistani market will open global channels for local manufacturers and sellers.

Leveraging technology to facilitate �nance functions such as online banking and digital payments.

Training in high end technology such as government’s recent initiative to provide vocational training programs such as big data, robotics, cyber security, block chain etc. to 50,000 students and fresh professionals.

Industry and academia collaborations to bridge the gap between graduates and career opportunities.

E-residency policy

Support digital nomads

Increase in tech-unicorns

Expand e-commerce market

Embrace FinTech

Capacity building

Local partnerships

1

2

3

4

5

6

7

Seven-point agenda

CAPAKISTAN

Page# 23

Technological Dimension –Digital Transformation

The agenda behind Digital Pakistan was to support the entrepreneurial ecosystem as well as to uplift the common Pakistani citizen with technology. This can only be done with collaborated e�orts of public and private sector. The �ve-point agenda included a holistic tech policy from access and connectivity to innovation and entrepreneurship and ease of doing business.

The public and private sector has to play a major role in putting up digital infrastructure that will allow innovation. Digital transformation begins with digital identity which is universal and aligned with the government standard. It also includes creation and use of digital data which is correct and has access to the right people and includes digital signatures to facilitate the cycle of converting into digital economy.

Cash to digital economy requires underlying digital infrastructure in place that supports FinTech explosion. Pakistan is not yet ready for FinTech explosion because the underlying digital infrastructure needs to be built �rst. A push towards standardization and data sharing in a secured manner.

Freelancers in the gig economy: The concept and de�nition of ‘job’ has changed because of gig economy which has given the ability to anyone who has access to the internet to share content and products globally. Freelancers have thrived irrespective of government policies or initiatives because they had the right platforms as well as the skills. The gap or the market failure is when the 20,000 to 25,000 IT graduates annually leave for further education or better opportunities abroad while the rest of the graduates are not well supported. There is a need to �nd people who have skills and give them opportunities.

Capacity building of government and policy makers: There is a need for base level understanding of where the global economy is heading and where wealth is being generated. From generating noti�cation to understanding Cloud – building awareness of new technologies and their impact is integral. Educational institutions will have to play a role in supporting public sector in capacity building.

Why digitalization is critical for Pakistan?

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CAPAKISTAN

Page# 25

Entrepreneurial Dimension -Nurturing and Sustaining the Start-up Industry

“Pakistan is going to be the top 10 markets of digital consumers by 2025”

Mr. Sumair SayaniFounder, Pathos AI

• The startups that connect globally from Day 1, make revenue two times faster – hence, there should be focus on moving technology from east to west.

• Angel investors – Startup ecosystems hit velocity when they get a thousand startups. As number of startups increase two times, the value of ecosystem increases five times. This will happen only with the support of angel investors.

• Agility – the ability to quickly adopt to changing world scenario, look ahead and respond.

• Promoting entrepreneurial mindset from an educational level.

• Leverage the gig economy, IT, agriculture and livestock.

• Create space for ideas to flourish but also focus on identifying and investing in the talent that can take the idea to its completion.

Entrepreneurship is the answer to the growing needs of the economy therefore support from the government, private sector as well as investors is crucial.

Local investment has two bene�ts; it creates more value and con�dence in the economy and it keeps the talent within the country. Global investors consider trust of local investors and look for return on investment.

CAPAKISTAN

Global Dimension –Trends & CFO Insights

Global Dimension –Anticipation & Preparation for the Next Uncertainty

Alan Johnson

President,

International Federation of Accountants

Joerg Steinhaeuser

Executive Vice President Finance,

Siemens Gas &Power GmbH & Co KG

Economic Dimension - The Future of Developing Countries

Economic Dimension – The Economic Reboot

Technological Dimension – Role of Digitalization in Creating Ten Million Jobs

Technological Dimension – Digital Transformation

Entrepreneurial Dimension - Nurturing & Sustaining the Startup Industry

Format: Moderated panel discussion

Dr. Reza Baqir

Governor, SBPAshfaq Yousuf Tola, FCA

President,

Tola Associates

Economist,Ali Khizar

Head of Research, Business Recorder

Dr. Amjad WaheedCEO,

NBP Fund Management Ltd

Mazhar HasnaniCFO,

Engro Corp

Salim GhauriFounder & CEO,

Netsol Technologies

Dr. Imran Batada

Founding Director,

Center for Information &

Communication Technology,IBA

Dr. Imran Batada

Founding Director,

Center for Information &

Communication Technology,IBA

Tania AidrusFormer,Chief Digital Officer,Government of Pakistan

Samiullah Siddiqui, FCAFinance Director,

Oxford University Press

Sumair Sayani, FCAFounder,

Pathos AI

Jehan Ara

President, P@SHA &Founder Nest I/O

Dr. Shahid Qureshi

Associate Professor & Program Director-CED, IBA

Muhammad Faisal, FCACOO,

KIA Motors Pakistan